Thursday, February 27, 2020

PEA and KBank develop app, provide funding, to install rooftop solar

Jan 31. 2019
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By The Nation

Thinking about going solar at home? The Provincial Electricity Authority (PEA) has joined forces with KBank to develop the PEA Solar Hero Application, the first of its kind in Thailand and aimed at helping people generate their own solar power by installing a rooftop photovoltaic (PV) system.

The user-friendly mobile application is expected to be introduced in four pilot provinces in April 2019 with the hope of attracting 1.5 million adopters within the first five years.

Saranyphong Atchvsunthon, deputy governor of planning and power system development, said the app walks people through the steps needed to install their own solar-powered generator. The comprehensive guide, begins with an analysis of basic electric power consumption, recommendations on the appropriate installed capacity, selection of investment models, investment funds from banks, breakeven point calculation, and products and installers that meet PEA standards.

“Application users can also keep track of their own power consumption anywhere, anytime,” he said.

The authority has been mandated to transform into a digital utility by promoting energy R&D and steadily introducing new energy service businesses and innovations in order to stay competitive in the global market, Saranyphong said.

KBank’s role is as an exclusive partner to provide finances for those interested in installing solar.

The PEA Solar Hero Application will offer a complete service, starting with four pilot provinces in April 2019.

In a press release on Thursday, PEA said it is aiming for approximately 1.5 million rooftop PV system adopters or 20 per cent of power users in the business and household sectors within the first five years of the introduction of this service. It is expected investment in the rooftop PV system will reach Bt180 billion nationwide.

The Thai government has encouraged communities to join an effort to produce and use clean and renewable energy such as solar power by installing solar rooftops at their residences, shops, factories and buildings, said Silawat Santivisat, KBank senior executive vice president.

The campaign has met with a lukewarm response until now due to certain limitations, including the high cost of solar panel installation and consumers’ concerns over safety and standard of equipment and quality of installation, said Silawat.

“KBank, as a partner with PEA, is proud and honoured to take part in the campaign to promote the installation of solar rooftops via the PEA Solar Hero application by being the first and only financial service provider which has participated in the project from the beginning, Silawat continued.

“KBank will provide a payment transaction service for those interested. Customers can choose to make payment for goods and services via credit cards with a 10-month installment plan. KBank also serves as a funding provider by offering loans for installing solar panels because a solar rooftop installation is still expensive. The loan service will ease the financial burden for customers, because they can budget their payments into monthly installments with special interest rates for up to 60 months at the discretion of KBank.”

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